CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
| Cash flows from operating activities: |
|
|
|
| Net income (loss) |
|
$ 368,755
|
$ 207,628
|
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
| Depreciation, depletion and amortization |
|
403,945
|
153,126
|
| Stock-based compensation expense - equity awards |
|
53,565
|
12,202
|
| Stock-based compensation expense - liability awards |
|
0
|
5,127
|
| Impairment and abandonment expense |
|
489
|
3,133
|
| Deferred tax expense (benefit) |
|
57,199
|
47,663
|
| Net (gain) loss on sale of long-lived assets |
|
(66)
|
1,324
|
| Non-cash portion of derivative (gain) loss |
|
3,901
|
47,131
|
| Amortization of debt issuance costs and debt discount |
|
6,278
|
4,226
|
| Changes in operating assets and liabilities: |
|
|
|
| (Increase) decrease in accounts receivable |
|
(11,888)
|
(62,751)
|
| (Increase) decrease in prepaid and other assets |
|
(3,969)
|
(6,201)
|
| Increase (decrease) in accounts payable and other liabilities |
|
8,495
|
42,491
|
| Net cash provided by operating activities |
|
886,704
|
455,099
|
| Cash flows from investing activities: |
|
|
|
| Acquisition of oil and natural gas properties, net |
|
(107,766)
|
(2,592)
|
| Drilling and development capital expenditures |
|
(686,556)
|
(224,011)
|
| Purchases of other property and equipment |
|
(29,050)
|
(2,863)
|
| Contingent considerations received related to divestiture |
|
60,000
|
0
|
| Proceeds from sales of oil and natural gas properties |
|
63,986
|
863
|
| Net cash used in investing activities |
|
(699,386)
|
(228,603)
|
| Cash flows from financing activities: |
|
|
|
| Proceeds from borrowings under revolving credit facility |
|
630,000
|
170,000
|
| Repayment of borrowings under revolving credit facility |
|
(715,000)
|
(195,000)
|
| Debt issuance costs |
|
(603)
|
(8,533)
|
| Proceeds from exercise of stock options |
|
230
|
8
|
| Share repurchase |
|
(29,418)
|
0
|
| Dividends paid |
|
(47,619)
|
0
|
| Distributions paid to noncontrolling interest owners |
|
(37,883)
|
0
|
| Class A Common Stock repurchased from employees for taxes due upon share vestings |
|
(38,108)
|
(1,259)
|
| Net cash provided by (used in) financing activities |
|
(238,401)
|
(34,784)
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
|
(51,083)
|
191,712
|
| Cash, cash equivalents and restricted cash, beginning of period |
|
69,932
|
9,935
|
| Cash, cash equivalents and restricted cash, end of period |
|
18,849
|
201,647
|
| Supplemental cash flow information |
|
|
|
| Cash paid for interest |
|
71,387
|
24,276
|
| Cash paid for income taxes |
|
3,603
|
600
|
| Supplemental non-cash activity |
|
|
|
| Accrued capital expenditures included in accounts payable and accrued expenses |
|
242,782
|
63,486
|
| Deferred tax liability assumed in asset acquisition |
|
24,801
|
0
|
| Asset retirement obligations incurred, including revisions to estimates |
|
1,207
|
389
|
| Dividends payable |
|
2,302
|
0
|
| Restricted Cash and Cash Equivalents [Abstract] |
|
|
|
| Cash and cash equivalents |
|
18,280
|
201,092
|
| Restricted cash |
[1] |
569
|
555
|
| Total cash, cash equivalents and restricted cash |
|
$ 18,849
|
$ 201,647
|
|
|